sgip
Well-known member
Big news out of Upstate NY as Micron Technology is planning to build a mammoth chip building facility in Syracuse NY. It might still go sideways of course as we saw with Amazon and their NYC purchase being torpedoed by AOC and her shenanigans. NY has some important loan and rental property rules that should be examined carefully before considering a purchase - but if Micron is serious, then Syracuse home rental buy's might be something to consider.
As you search on Redfin for some potential homes, you may see many in the $20-$50k price range. These are owned by the Syracuse Land Bank and must be purchased owner occupied, show that you have the $$$ to repair the home, and other restrictions. Also I-81 may be rerouted/destroyed due to political issues surrounding it's impact on low income neighborhoods. No one knows yet what will be done, but if I had investment cash, I wouldn't buy a home close to the I-81 corridor.
Soylent Red and I have been to Syracuse several times as Soylent Yellow was a Syracuse Grad. There are good and certainly difficult areas, but when $100b of capital flows into the area and manufacturing jobs expand geometrically, the word on everyone's lips will be "Gentrification".
Here's a nice 5/2 newly listed to consider!
https://www.redfin.com/NY/Syracuse/2300-James-St-13206/home/72903446
Remember that at these prices, it's a Conforming Only loan play. Expect a mid 7 range figure when running your numbers. You'll also need a 50 state lender (of course........)
Please bear in mind this is only a message about due diligence on a possible rental market / equity build opportunity. Be sure to dot every i and cross every T before considering an investment of any kind, and certainly one with such great risk as out of area rental properties represent.
My .02c.
As you search on Redfin for some potential homes, you may see many in the $20-$50k price range. These are owned by the Syracuse Land Bank and must be purchased owner occupied, show that you have the $$$ to repair the home, and other restrictions. Also I-81 may be rerouted/destroyed due to political issues surrounding it's impact on low income neighborhoods. No one knows yet what will be done, but if I had investment cash, I wouldn't buy a home close to the I-81 corridor.
Soylent Red and I have been to Syracuse several times as Soylent Yellow was a Syracuse Grad. There are good and certainly difficult areas, but when $100b of capital flows into the area and manufacturing jobs expand geometrically, the word on everyone's lips will be "Gentrification".
Here's a nice 5/2 newly listed to consider!
https://www.redfin.com/NY/Syracuse/2300-James-St-13206/home/72903446
Remember that at these prices, it's a Conforming Only loan play. Expect a mid 7 range figure when running your numbers. You'll also need a 50 state lender (of course........)
Please bear in mind this is only a message about due diligence on a possible rental market / equity build opportunity. Be sure to dot every i and cross every T before considering an investment of any kind, and certainly one with such great risk as out of area rental properties represent.
My .02c.